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Published: 14 June 2007

Inflation 2.4 per cent in May

The year-on-year change in consumer prices, i.e. inflation, calculated by Statistics Finland was 2.4 per cent in May. In April it was 2.6 per cent. The slowing down of inflation was primarily caused by decreases in the prices of vegetables.

Roughly one half of the year-on-year rise in consumer prices was due to increased cost of housing. Housing prices were pushed up primarily by risen housing loan interest rates, higher prices of owner-occupied flats, real estate and renovation as well as increases in electricity prices and rent. Increases in consumer credit interest rates as well as risen phone call charges, prices of food and restaurant and café prices also had an impact on inflation. Inflation was curbed most in May by reductions from the year before in the prices of entertainment electronics and home computers as well as liquid fuels, reimbursable prescription medicines and used passenger cars.

From April to May, consumer prices fell by 0.1 per cent, primarily due to decreases in the prices of vegetables.

Each mid-month, Statistics Finland interviewers collect around 60,000 prices on 497 commodities from approximately 2,700 outlets for the Consumer Price Index. In addition, some 1,000 items of price data are gathered by centralised collection.

Year-on-year change in consumer prices 1/2001 - 5/2007

Index point figures are available here (only in Finnish): Consumer Price Index 2005=100

Source: Consumer Price Index 2007, May. Statistics Finland

Inquiries: Mr Juhani Pekkarinen +358 9 1734 3476, Ms Kati Heikkinen +358 9 1734 3472, khi.tilastokeskus@stat.fi

Director in charge: Mr Kari Molnar

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Last updated 14.6.2007